"Financial freedom should be for everyone," Binance declared in a statement, emphasizing its commitment to expanding access to digital assets globally. The company highlighted the years of exclusion faced by Syrians from the evolving crypto market, stating, "For years, people in Syria have watched the crypto world evolve, unable to participate, not by choice but by circumstance."
Until recently, Binance, like many international financial platforms, had to restrict its services in Syria to comply with existing sanctions. However, with the lifting of these restrictions, the platform sees an opportunity to offer a "lifeline" to a population grappling with high inflation and a reliance on cross-border remittances. With a population of 24 million and over 8 million Syrians residing abroad, the potential for cryptocurrency to facilitate financial transactions and economic stability is considerable.
Binance's vast reach is evident in its global presence, serving an estimated 270 million users. In the first nine months of 2022, the exchange recorded an astounding $4.6 trillion in spot trading volume, according to Reuters data. Now, Syrian users will gain access to this expansive platform, including spot and futures trading, Binance Pay, and a selection of over 300 tokens and stablecoins, such as Bitcoin, Ethereum, and Dogecoin.
A Shifting Political Landscape and Economic Reintegration
The broader context for Binance's decision is a dramatic political transformation in Syria. The sanctions were removed following a change in government in December, which saw former President Bashar al-Assad depart for Moscow. The new interim President, Ahmed al-Sharaa, formerly the leader of Hayat Tahrir al-Sham (HTS), has pledged to uphold human rights and prioritize the country's economic recovery through reintegration into the global financial system.
This new political environment is pivotal for Syria's economic prospects. While a December 2024 report by Chainalysis indicated that some HTS members previously held accounts on foreign crypto exchanges despite sanctions, the current administration's stated commitment to economic reform aims to foster legitimate financial activity.
Syria has endured more than five decades of sanctions, with restrictions significantly intensifying in 2011 amidst the civil war. The previous sanctions, imposed by the United States, the EU, Turkey, and the Arab League, cited allegations of human rights abuses by the Assad regime.
A crucial indicator of Syria's re-entry into the global financial system is its anticipated reconnection to the SWIFT payment system. In a recent interview with the Financial Times, Abdelkader Husrieh, the governor of Syria's Central Bank, stated that Syria would regain access to SWIFT "within a few weeks." Rejoining SWIFT would be a monumental step for the Syrian economy, given that the system facilitates nearly half of the world's dollar-denominated transactions, promising to significantly boost foreign trade, reduce import costs, and streamline exports.
Binance's expansion into Syria, therefore, represents not just a business decision but also a reflection of the profound geopolitical and economic shifts underway in the nation, potentially offering its citizens new avenues for financial engagement and stability.